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Eurogroup president says Greece, Cyprus on track to get planned aid funds

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(Globalpost/GlobalPost)

BRUSSELS, Dec. 9 (Xinhua) -- Three debt-ridden countries on the bail-out programme are on the track to get new aid fund after latest reviews showing positive conclusions,said the Eurogroup on Monday.

The Eurogroup President Jeroen Dijsselbloem stressed the progress the Greek authorities have made. "We hope that the necessary conditions will be fulfilled quite soon for the Euro Working Group to be in a position to agree on the disbursement of 1 billion euros (1.37 billion U.S. dollars) before the years end."He told a press conference after Eurogroup minister meeting.

For Cyprus, the bail-out programme is well on track as well." All fiscal targets were met with comfortable margins and significant progress has been made towards recapitalization and restructuring of the financial sector, allowing for further relaxation of capital controls. The completion of the review will unlock a disbursement of 100 million euros from the ESM and 86 million euros from the IMF for Cyprus." Dijsselbloem said.

He warned of uncertainty for unlocking aid fund to Greece at same time,saying "the Troika institutions will return to Athens to continue work with the Greek authorities to solve as many points as possible to be legislated by year-end.... We are fully aware of the efforts undertaken by Greece, also by the difficult political situation, yet the job is not yet done."

Regarding to Ireland, the final review will unlock a last disbursement of which 800 million euros from the EFSM and 600 million euros from the IMF if the IMF board agrees, according to the speech from Dijsselbloem.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/131209/eurogroup-president-says-greece-cyprus-track-get-planned-aid